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What is a mining pool?

Belize, Stann Creek, New Home
Published 2 years ago
ID #824
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What is a mining pool?
Belize, Stann Creek, New Home,
Published 2 years ago

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What is a mining pool?

Mining pools are a group of nodes that cooperate with the objective of mining blocks from a blockchain. The purpose of this grouping is to facilitate the mining work and obtain equitable benefits for all within the group.

The creation of these groups responds to the need to be able to satisfactorily solve the puzzles of a blockchain as the power of its network and the difficulty of mining increases. A job that individually would be very difficult for each miner to do.

Three 03 key elements in mining pools

Mining Protocol (Getblocktemplate)

It is the new decentralized Bitcoin mining protocol, openly developed by the Bitcoin community in mid-2012. It replaces the old getwork mining protocol.

Mining Server Features

1. Receive network transactions.
2. Communicate the information to the miners.
3. Control and monitor the work.
4. Send correctly resolved blocks to the network.
5. Make the accounting of resolved blocks and the work contributed by the miners.
6. Finally, send the corresponding profit to the miners of the pool.



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    frankois
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    frankois
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    Belize, Stann Creek, New Home
    St. Ave 34 Street Lometow